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By Dean Seal
Citius Pharmaceuticals has signed a deal to merge its oncology-focused subsidiary with the blank-check company TenX Keane Acquisition and have the business become its own public company.
The biopharmaceutical company said Tuesday that the merger with the special purpose acquisition company will create a new publicly traded company called Citius Oncology.
Upon closing, Citius Pharmaceuticals will receive 67.5 million shares of the new company at $10 apiece, retaining majority ownership of about 90%.
The transaction has been approved by the boards of both companies and is expected to close in the first half of 2024.
Write to Dean Seal at [email protected]
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